Annual activity report 2010

Annual Report 2010
Mesajul Pre[edintelui Director General
Summary
4 Message of the Chairman & CEO
6 Société Générale Profile
7 BRD - Groupe Société Générale Profile
8 Key figures
10 Corporate governance
18 BRD share
19 Commercial activity
21 Retail banking
22 Corporate banking
24 Risk management
25 Human resources
26 Social and environmental responsability
28 Specialised services
31 Investment banking
34 Contacts
2010 was – including for the Romanian economy
- little favourable to development. The recession
continued; on the background of some uncertain
evolutions of the international economic and
financial environment, as well as of the euro crisis,
the weak economic growth of some European
countries did not have the force to trigger a visible
recovery of the EU partners’ economies.
Given that 2010 was a not very encouraging year
for the Romanian economy, the results of the
Bank show its capacity of resilience and, more
particularly, the strength of the group formed
around BRD.
We also managed, due to the measures we
implemented, to maintain the macro-balances of
the bank. We put our capacity of mobilisation to
trial and, despite the difficult period, we obtained
a satisfactory profit. Thus, the net profit of the
group, which includes the results of the
subsidiaries BRD Sogelease and BRD Finance,
amounts to RON 533 million (EUR 127 million).
As for the net profit of the bank alone, it totals
RON 501 million (EUR 119 million).
Message of the Chairman & CEO
A Difficult Test
Passed by BRD
4
The general expenses were kept under strict
control, while special focus was placed on making
the best use of the synergies among our business
lines as far as sales are concerned. This way, we
targeted an ambitions objective, but which proved
to be accessible to our teams: to compensate as
efficiently as possible for the drop in demand. The
extended loans decreased by only 1% despite the
crisis. At the same time, the deposits increased
by 2%.
Thus, 2010 confirms the viability of our business
model, based both on the universal banking
services and on the specialised financial services
provided by our subsidiaries. We created and
launched services with an important added value.
The effects of these collective efforts can be
seen in our clients', employees' and
shareholders' satisfaction.
Nevertheless, we cannot talk about 2010 as of
a year of growth. But we can talk about a
sensibly constant client database –
approximately 2.5 million. Our territorial network
remains stable and counts 937 entities. Note
that 5 private banking agencies were opened by
the end of 2010, the last one being located in
Cluj. The number of employees slightly
increased in 2010, approaching 9,200 in the
entire BRD group.
I think you’ll agree that making such business
here and now is not easy at all, it’s actually a
challenge which we take up with
professionalism and excellent innovation.
Our efforts did not go unnoticed by either our
clients or our partners. Last year, we were also
awarded a distinction that honours us,
“The Bank of the Year” in Romania, by
prestigious publications specialised in the
financial an banking fields, such as
“The Banker” and “Global Finance”.
We approached 2011 with confidence, because
we rely both on our strength and on the support
of our parent – company. We privilege a
scenario that forecasts the moderate
improvement of the economic situation, in spite
of sometimes contradictory evolutions, mainly at
the international level.
We think that 2011 will be yet another difficult
year. Still, we remain confident that, on the long
run, Romania will resume its sustainable and
long-lasting economic growth.
Guy POUPET
5
Société Générale Group Profile
Société Générale is one of the major financial
service groups in Europe. The Group has built its
business on a diversified universal bank model,
while also aiming at financial strength and longlasting growth, with the ambition to become a
client-oriented bank, a reference on its markets,
chosen for the quality of its services and
personnel.
Retail bank outside France
The 157,000 employees present in 85 countries
accompany over 33 million clients in the entire
world, on a daily basis. The Société Générale
team proposes consulting and services dedicated
to individuals, companies and institutions, on the
following 3 business lines:
Société Générale is also an important player in the
following fields: specialised financial services,
insurance, private banking, asset management
and investor services.
Retail bank in France
present in Central and Eastern Europe and in
Russia, the Mediterranean Basin, Sub-Saharan
Africa, Asia and the former French territories;
Financing and Investment Banking
with global expertise in investments, financing and
market operations.
The group is included in the international
sustainability indices: FTSE4good and ASPI.
www.societegenerale.com
represented by the Société Generale, Crédit du
Nord and Boursorama brands;
SOCIETE GENERALE
RATING
6
Fitch:
Long term
Moody’s: Long term
S&P:
Long term
A+
Aa2
A+
BRD - Groupe Société Générale Profile
BRD - Groupe Société Générale has been, for
more than a decade, among the top universal
banks in Romania. The commercial offer of the
Bank addresses all the client categories:
individuals, freelance professionals, SMEs or large
companies, which it accompanies with products
and services throughout their lifetime.
Thanks to our network of agencies located all
over the country, we are close to our clients and
make available to them modern facilities and
highly qualified personnel:
937 agencies – the largest territorial active
network, 9,227 employees.
The quality of the services and the proximity to
our clients define our commercial mission.
Retail Banking
■
■
■
More than 2,300,000 clients
More than RON 16 billion loans to the
population
Over 2.2 million banking cards included in the
3D Secure system
Corporate Banking
Customised services to the Romanian corporate
customers, to the subsidiaries of large
multinational companies, to SMEs, microenterprises and local authorities.
■ more than 140,000 clients
■ RON 20 billion loans extended
Specialised Services
■
■
■
■
■
■
■
International operations: more than 1,000
banking correspondents in 100 countries
Factoring: operations totalling RON 2,508
million
BRD Finance – consumer loans. Improvement
of the financial result.
BRD Pensii – pension fund management
company, 145,000 clients and assets worth
approximately RON 100 million.
BRD Asigur`ri de Via]` already has 220,000
clients in its second year of business.
BRD Sogelease. Financed goods worth EUR
99 million.
ALD Automotive – full operational leasing and
car fleet management. Number 1 in Romania
with 6,079 vehicles and 240 clients
Investment Banking
Brokerage, market operations, asset management,
deposit and custody of securities and consulting
services. We are one of the large players on the
Romanian investment banking market.
We provide these services either directly or
through the specialised subsidiaries:
■ BRD Corporate Finance – consulting in
privatizations and mergers & acquisitions
■ BRD Asset Management ranks third on the
investment funds market, with a portfolio of 6
opened-end investment funds (UCITS), two of
which were launched in 2010.
BRD
RATING
Fitch:
Long term foreign currency rating
Moody’s: Long term foreign currency deposit rating
Long term local currency deposit rating
BBB
Baa3
Baa2
Key Figures
Net Banking Income
Gross Operating Result
(million RON)
(million RON)
3,693
3,664
2,111
3,215
2008
2009
2010
Return on Equity
(ROE)
2,082
2,056
2007
2008
2009
Net Income
(million RON)
1,573
43%
1,139
1,009
25%
19%
2008
8
2009
2010
2008
2009
2010
Evolution of earnings /
share (RON)
Shareholders’ equity
(million RON)
5,749
4,944
2.26
4,268
2008
1.64
1.45
2009
2010
2008
2009
2010
Number of employees
9,502
9,227
9,150
figures in accordance with IFRS, consolidated
2008
2009
2010
9
Corporate Governance
The corporate governance principles are
transposed in the regulatory framework of BRD
through its Articles of Incorporation, Internal
Regulations and other in-house normative
documents which regulate the organisation of
the committees set up to support the Board of
Directors and the executive management, the
information flow, insider trading, professional
ethics.
BRD has voluntarily adopted and complies with
the provisions of the Corporate Governance
Code of the Bucharest Stock Exchange,
adopted by the BSE Council in December
2007.
In applying the recommendations of the
Bucharest Stock Exchange, BRD elaborated a
document in which there are presented the
main corporate governance aspects – the BRD
Governance Code.
10
This Code presents especially the attributions,
responsibilities, work methods of the
supervisory and management structures of the
bank, as well as of the major committees set
up to support such structures.
The provisions of the Code are in line with the
national legislation and the regulatory
framework specific to the credit institutions,
established by the National Bank of Romania
(NBR), with the corporate governance
principles issued by the Bucharest Stock
Exchange for the listed companies, as well as
with the best practices in the field, developed
by the Société Générale Group.
Administration and
Management of the Bank
BRD-Groupe Société Générale has adopted
the unitary system of administration in full
harmony with the principles of good corporate
governance, of the transparency of relevant
corporate information, of the protection of the
shareholders and of other categories of
concerned persons, as well as of an efficient
operation on the banking market.
The Board of Directors is made up of 11
members, elected by the General Meeting of
the Shareholders for a 4-year term of office.
The structure of the Board of Directors
ensures a balance between the executive and
the non-executive members, so that no
person or limited group of persons can
dominate, in general, the decision-making
process of the Board of Directors. It includes
three executive and eight non-executive
members, among which one is an
independent non-executive member.
The year 2010 brought changes to the
composition of the Board of Directors, as
follows:
■
As of January 1, 2010, Mr Guy POUPET
took over the position of Chairman – CEO of
BRD, following the renunciation by Mr
Patrick GELIN to his term of office;
■
On March 19, 2010, Mrs Anne
FOSSEMALLE gave up her term of office as
director of BRD;
■
On October 6, 2010, Mr Bernardo
SANCHEZ INCERA took over the position of
interim member of the Board of Directors of
BRD, following the receipt of the approval of
the National Bank of Romania.
■
On April 18, 2011, Mr. Aurelian DOCHIA
ended its term of office as member of the
Board of Directors of BRD;
■
On April 14, 2011, Mrs Anne Clementine
Marcelle MARION-BOUCHACOURT was
elected member of the Board. Her term of
office will start on the date of approval by
NBR;
11
1
2
1 Guy POUPET
3 Sorin - Mihai POPA
■
Chairman of the Board of Directors and CEO of BRD
■ Chairman of the Board of Directors of BRD Finance
IFN S.A.,
■ Member of the Board of Directors of ALD Automotive
SRL, Vice-Chairman of the Board of Mobiasbanca –
Republic of Moldova,
■ Member of the Board of Directors of Société Générale
European Business Services SA.
■
2 Petre BUNESCU
4 Bernardo SANCHEZ - INCERA
■
■
Member of the Board of Directors
■ Deputy CEO
■ First Vice-Chairman of the Romanian Banking
Association
■ Member of the Board of Directors of Transfond S.A.
7
3
Member of the Board of Directors
Deputy CEO
■ Member of the Board of Directors of BRD Sogelease
IFN
■ Member of the Board of Directors of BRD Societate
de Administrare a Fondurilor de Pensii Private SA
■ Member of the Board of Directors of BRD Asigurari de
Viata S.A.
■
■
Non-executive member of the Board of Directors
Deputy CEO of the Société Générale Group
8
9
4
5
5 Jean-Louis MATTEI
8 Didier ALIX
Non-executive member of the Board of Directors
Chairman of the Audit Committee
■ Chairman of the Remuneration Committee
■ Head of BHFM – International Retail Banking Division
of the Société Générale Group
■
■
■
■
6
Non-executive member of the Board of Directors
Adviser to the CEO of Société Générale Group
9 Sorin Marian COCLITU
Independent member of the Board of Directors
Member of the Audit Committee
■ Member of the Remuneration Committee
■ Chairman – CEO of the Romanian Credit Guarantee
Fund for Private Entrepreneurs
■ Secretary General of the SIF Muntenia Shareholders’
Representative Council
■
■
6 Bogdan BALTAZAR
■
Non-executive member of the Board of Directors
7 Dumitru D. POPESCU
■
■
Non-executive member of the Board of Directors
Member of the Audit Committee
10 Ioan CUZMAN
■
■
Non-executive member of the Board of Directors
Chairman & CEO of SIF Banat Crisana
Members of the
Board of Directors
10
13
1
Remuneration of the Members of
the Board of Directors
For 2010, the Ordinary General Meeting of the
Shareholders approved a remuneration for the
non-executive members of the Board of
Directors amounting to EUR 1,500 / month
(gross amount, in lei equivalent), as well as a
general limit for the directors’ and officers’
additional remunerations for 2010, amounting
to RON 6,5 million, gross amount.
2
supervise the implementation of the
remuneration policy of the bank.
The Audit Committee is made up of 3 nonexecutive directors, one of which is
independent, elected by the Board of Directors
among its members: Jean-Louis MATTEI
(Chairman), Aurelian DOCHIA (member), Sorin
Marian COCLITU (member, independent
director).
Risk Management Committee
Audit Committee
The Audit Committee is made up of 3 nonexecutive directors, one of which is
independent, elected by the Board of Directors
among its members: Jean-Louis MATTEI
(Chairman), Aurelian DOCHIA (member), Sorin
Marian COCLITU (member, independent
director).
The members of the Audit Committee have the
experience required by their specific
attributions within the Committee.
The Audit Committee meets at least once a
half-year.
The Audit Committee assists the Board of
Directors in performing its responsibilities in
terms of internal control and financial audit. To
this effect, the Audit Committee makes
recommendations to the Board of Directors
regarding the strategy and policy of the credit
institution in the field of internal control and
financial audit.
Remuneration Committee
It is a committee set up to support the Board
of Directors, in order to elaborate and
14
Presided over by the CEO, the Risk
Management Committee meets on a quarterly
basis or more often, if necessary. Its objective
is the management of the significant risks, risks
with high impact on the assets and/or image of
the bank (credit risk, market risk, liquidity risk,
operational risk, and reputational risk), as well
as the risks associated to the outsourced
activities.
Executive Management
The operational management and the
coordination of the daily activity of the bank are
delegated by the Board of Directors to the
executive officers.
The executive officers of the bank are elected
by the Board of Directors among the directors
or from outside the Board, and together they
represent the Executive Committee.
The Executive Committee is made up of the
CEO and the Deputy CEOs. The Committee is
run by the CEO who is also the Chairman of
the Board of Directors.
3
4
6
5
Members of the
Executive Committee:
1 Guy POUPET
■
Chairman - CEO
2 Petre BUNESCU
■
Deputy CEO
3 Sorin-Mihai POPA
■
Deputy CEO
4 Claudiu CERCEL
■
Deputy CEO
Each executive office is vested with all the powers to
act on behalf of the Bank and to represent it in the
relationships with third parties, in any circumstances
related to the activities they coordinate, in
compliance with the legal provisions and the Articles
of Incorporation.
Within the limit of the powers and responsibilities
established by the Board of Directors, the officers act
together, organised in the Executive Committee, for a
series of activities/operations specific to the bank,
detailed in the Articles of incorporation and the
Internal Regulations of the bank.
5 Gabriela GAVRILESCU
■
Deputy CEO (as of February 24, 2011)
6 Jean Luc GRASSET
■
Deputy CEO (as of February 24, 2011)
15
Rights of the Shareholders
BRD respects the rights of its shareholders and
ensures equal treatment for them.
Voting right
The bank’s shares are indivisible and confer
equal rights to their holders, each share entitling
to one vote in the General Meeting of the
Shareholders.
General meetings are called by the Board of
Directors.
General meetings are ordinary and extraordinary.
The Ordinary General Meeting of the
Shareholders meets at least once a year, within
no more than 5 months as of the end of the
financial year, and the Extraordinary General
Meeting of the Shareholders meets whenever
necessary.
The notice of meeting is sent at least 30 days
before the date set, in compliance with the legal
provisions regarding the publicity and notification
of the National Securities Commission ("CNVM")
and of the Bucharest Stock Exchange ("BVB”).
In order to ensure the equal treatment and the
full and equitable exercise of the shareholders’
rights, the bank makes available to them all the
information related to the General Meeting of the
Shareholders and to the adopted decisions, both
by mass communication means and in the
special section on its own Internet page
(www.brd.ro).
The shareholders may attend the works of the
General meetings personally, through a
representative or they may vote by
correspondence. Forms of power of attorney and
vote by correspondence are made available to
the shareholders in the special section on the
bank’s Internet page.
The procedures regarding the works of the
General Meeting of the Shareholders are
submitted to the shareholders’ approval, in order
to ensure an orderly and efficient development of
such works.
16
Within the General Meetings of the Shareholders,
dialogue between the shareholders and the
members of the Board of Directors and/or
executive management is allowed and
encouraged. Each shareholder can ask the
directors questions regarding the activity of the
bank.
Right to dividends
Each share of the bank, held by a shareholder at
the registration date (set according to the specific
regulations and approved by the General Meeting
of the Shareholders), entitles the shareholder to
dividends for the prior financial year, in the
quantum and conditions established by the
General Meeting of the Shareholders.
In 2010, the General Meeting approved the
distribution of a gross dividend of RON 0.27947 /
share and established the dividend distribution
procedure.
Right to information
BRD makes sure its shareholders have access to
relevant information, so that they may exercise all
their rights in an equitable manner.
BRD set up and maintains an adequate structure
for its relation with the investors, in general, and
with its own shareholders, in particular. The
shareholders / investors may send their requests
to the Bank through e-mail or over the telephone,
at the contact data displayed on the institutional
site. Also, all the shareholders receive an annual
individual letter of information regarding their
shares and the dividends due to them for the
ended financial year.
The relevant information is published on the
bank’s Internet page.
In order to communicate on its financial results,
BRD organises meetings with financial analysts,
investment consultants, brokers and investors.
These reunions are an opportunity for the bank
management and the financial market analysts to
exchange opinions.
For the information of the shareholders and
investors, the Bank sets at the beginning of the
year a financial reporting calendar.
THE FINANCIAL CALENDAR FOR
2011
Presentation of the preliminary annual results
General Meeting of the Shareholders
Presentation of the annual results 2010
Presentation of Q1 results
Presentation of Q2 results
Presentation of Q3 results
February 14, 2011
April 14, 2011
April 14, 2011
May 3, 2011
August 1, 2011
November 1, 2011
Other Corporate Governance
Elements
The power of approval of the loans granted to
private and corporate clients who are affiliated
to the Bank belongs with the Board of
Directors.
1. Conflicts of interest
In 2010, there were not identified any conflicts
of interests between the members of the Board
of Directors and of the Management Board and
the interests of the Bank.
2. Transactions with affiliated persons
The internal regulations establish a set of rules
to be observed by all the members of the
Board of Directors, the members of the
executive management and the employees of
the Group when performing their own
transactions, and also in order to avoid any real
or apparent (potential) conflict of interest.
3. Insider trading
In order to set a preventive and secured action
framework for market operations performed by
persons who, on account of their position
within the Bank, have access to privileged
information, the Group established and applied
a series of professional ethics rules which must
be observed by the directors, executive officers
and the other initiated persons, in order to
avoid the breach of the legal framework
applicable to trading with financial instruments
issued by BRD.
17
BRD Share
Starting with January 15, 2001, the shares of the
Bank are listed in the 1st category of the
Bucharest Stock Exchange and are included in the
BET and BET-C index.
During 2010, the average price of the BRD share
had a similar evolution with the average of the BET
index. The closing price of the BRD share as at
December 30, 2010, the last trading day of 2010,
was RON 12.35/share.
On the same date, the market capitalisation was
RON 8,606,733,747.
2500
24,5
2000
17,5
9.265
1500
12,9
11,3
5.788
13,8
9,3
7.673
1000
Evolution of the Average
Price on the Bucharest
Stock Exchange
16,9
5.682
5.233
5.913
5,4
3,5
500
3.147
3.515
1,9
1,0
1.834
656
1.218
0
2001
2002
2003
2004
2005
2006
2007
2008
In 2010, neither the Bank, nor its subsidiaries
redeemed their own shares.
Dividends
According to the Romanian legislation and the
Articles of Incorporation, dividends are paid from
the funds created for this purpose after the
approval by the General Meeting of the
Shareholders („GMS”), within no more than 60
2009
2010
2011*
days from the date of publication in the Official
Gazette of the GMS decision on the approval of
the dividends.
The net annual profit is distributed as dividends
according to the GMS decision. The distributable
profit is based on the income as per the individual
financial statements drafted according to the local
accounting standards. The change in the volume
of approved and distributed dividends looks as
follows:
DISTRIBUTION OF DIVIDENDS
BRD Net Profit (RAS)
Net profit (RON)
Distributable profit (RON)
Total dividends (RON)
Dividend per share (RON)
Rate of allocation out of the distributable profit
18
2009
2010
779,069,717
779,069,717
194,767,429
0.27947
25%
500,589,835
500,589,835
125,147,459
0.17957
25%
The dividends are distributed to the shareholders proportionally to their participating interests. The income from dividends is subject to tax deduction at source.
Commercial activity
Evolution of the number of
agencies
BRD – Groupe Société Générale has the largest
network of active entities among the private banks
that operate in Romania. This statement is
supported by both large cities and average towns
and high-potential rural areas.
806
930
930
2007
2008
2009
937
600
In only five years, the BRD network also marked
an important qualitative evolution, as it is
innovation that makes a difference on an
increasingly competitive market.
326
The presence of new and innovative concepts on
the Romanian market – BRD Express, BRD 24H,
BRD Blitz, BRD Café – in response to the market
needs, allows us now to be more focused on
optimising our activities.
2005
2006
2,379
2,334
2010
The client database is robust, even if the
number of clients slightly decreased
162
2,430
149
141
Corporate customers
(x 1000)
2008
2009
2010
Individual customers
(x 1000)
2008
2009
2010
19
The evolution of the deposits and loans shows
that BRD has maintained its business level
despite a contracted economic environment,
marked by a modest demand for financing.
28.552
29.249
29.820
27.011
34.260
Deposits
BRD consolidated
24.590
34.865
34.470
26.905
(end of period, MRON)
Loans
BRD consolidated
18.715
(end of period, MRON)
14.681
10.464
Individuals
49%
Individuals
Corporate
48%
51%
Corporate
52%
2005
2006
2007
2008
2009
2010
2005
2006
2007
2008
2009
2010
BRD is the second bank in Romania in terms of size, having the following market shares as at
December 31, 2009 and December 31, 2010:
Total assets
Corporate loans
Corporate deposits
Loans for individuals
Deposits for individuals
In 2010, the commitments at the bank level
amounted to RON 42.9 billion, divided on
market segments as follows:
40%
Individuals
31.12.2010 (%)
14,1
15,3
18,4
16,0
14,8
13,9
14,2
17,8
15,7
14,1
BRD permanently develops and optimises the
fast and practical remote banking channels:
the customer relations centre Vocalis, the
Mobile Banking, Internet Banking and eCommerce services.
At the end of December 2010, the total
number of subscribers to the internet banking
service, BRD-Net, was of 310,000, and the
total amount of the transactions was of RON
1.2 billion, 20% higher than at the end of the
previous year. At the same time, more than
93,000 clients have subscribed to the mobile
banking service, Mobilis.
15%
Small companies
27 %
18 %
20
31.12.2009 (%)
Medium companies
Major companies
Retail Banking
The commercial offer has been adapted to the
current economic conditions. BRD has
supported its loan holders by providing them
with customised debt restructuring solutions.
At the same time, attention was paid to
improving risk management.
BRD continued to be a trend setter in terms of
innovation, to develop and promote the offers
of products and services adapted to the
various client categories.
Thus, regarding loans to individuals, just like in
2009, BRD participated actively in the Prima
casa programme, the production of this type
of loans amounting to approximately RON 690
million. In addition, in the second quarter, the
Bank launched a promotional campaign on
consumer loans ("Primavera" loan), which
generated a production of over RON 600
million.
BRD Innovations
A la Carte – the banking card with a 100%
customisable design, launched in February
2010, was an innovation for the banking offer
in Romania. Issued by BRD – up until now
under the exclusive logos of Visa Classic and
MasterCard Standard – the debit card A la
Carte has been very well received by the
clients.
Instant Pay –in March 2010, BRD was also
the first large bank to introduce the
contactless technology in Romania.
MasterCard PayPass is a debit card in lei
which enables its holder to make small value
payments without entering a PIN. The project
has been extremely well received both by the
clients and by the accepting traders.
A special project based on the contactless
technology has been the subway access
solution, which represents a triple innovation
of BRD: innovation in terms of payment, of
set-up the partnership with the subway, and
of introduction of contactless cards in
Romania. The payment is made directly from
the card account, without need to buy
separate travel credit. This solution has been
declared by MasterCard unique in Europe.
Mini Automated Bank – reunites, in a
single device, card and cash operations that
were previously made on 4 distinct banking
teller machines. The Mini Automated Bank is a
solution that exploits the best adapted
technologies by which BRD simplifies the life
of its clients. This solution is currently being
expanded.
We’ve continued to pay special attention to
the youth segment.
Apart from developing our dedicated offer,
we’ve organised campaigns in order to attract
new BRD clients and to build their loyalty.
Also, the Bank used the experience of the
specialised subsidiaries of the group and
diversified the offer of placement, private
pensions and bank insurance products.
21
Corporate Banking
SMEs and Freelance Professionals
In 2010, BRD relaunched the financing offer
dedicated to the small and medium-sized
enterprises and freelance professionals. The
short, medium or long term lending aims at
satisfying the specific needs of this market
segment in terms of current expenses, but
especially of investments, favoured by the
grants of up to EUR 200 thousand / SME.
Relaunching and promoting the offer for liberal
professions and freelance professionals 3 years
after the first launch have brought 639 new
loans, which stand for 45% of the entire
portfolio at the end of 2010.
In line with the aspects listed above, BRD
signed in 2010 new agreements with the
National Loan Guarantee Fund for SMEs,
Eximbank and the Rural Credit Guarantee
Fund.
The Bank also kept on extending financing
based on the sources from the European Bank
for Reconstruction and Development and the
European Investment Bank, mainly aimed at
supporting the SME sector, in profitable
conditions.
By the EU/EBRD energy efficiency finance
facility of EUR 10 million, 12 companies were
financed, who benefitted from:
■ investment loans extended by BRD;
■ free technical assistance services provided
by consultants hired by EBRD;
■ grant of up to 15% of the loan value on the
end of the investment.
In 2010, BRD signed a second EU/EBRD
energy efficiency facility of EUR 10 million.
By the EIB facility, 45 SMEs were financed with
a total of EUR 15.3 million for business
development projects.
On the other hand, BRD supported its clients
by loan restructuring or rescheduling solutions.
In 2010, the restructured and rescheduled
loans represented 12% of the total
commitments.
22
At the same time, BRD was the first bank to
launch the offer for the purchase of new
vehicles and tractors for juridical persons and
freelance professionals within the REMAT
program.
The EUROBRD Program (financing of
investment projects benefitting from European
non-repayable funds) has also registered a
satisfactory evolution. The range of services
includes: pre-financing and/or co-financing the
customer’s own contribution, financing noneligible expenses, covering the working capital
needs for carrying out the current business and
new investments.
In 2010, under the post-accession European
funds programs there were financed 272
projects worth over EUR 100 million, carried
out by private companies, SMEs and large
enterprises in the agricultural and industrial
fields, as well as by local public authorities,
public institutions and non-governmental
organisations.
The clients’ preference for remote banking
services has been highlighted by the increase
by 25% of the number of subscribers to the
BRD@ffice service, compared to last year.
The rate of use of this channel increased
considerably in 2010, the number of
transactions made through this service
augmenting by 44% compared to 2009,
totalling approximately RON 24 billion.
BRD is the leader of the e-commerce market,
with a processed volume of more than EUR
109 million, and a market share of over 85%.
At the 2010 E-Commerce Awards Gala, the
Bank was awarded the titles of “Bank of the
Year in E-Commerce” and „The Largest
Number of 3D Secure Standard Activated
Cards”.
EUR 40 million for various infrastructure and
local development projects which were cofinanced with European funds;
- financial leasing of EUR 8 million for
financing the fleet of buses for urban
transport
Major Corporate Customers
The year 2010, which was marked by
recession and economic crisis, meant for the
large corporations either a continuation of their
development plans, despite different volumes
and dynamisms of transactions, depending on
the economic sector and the customer
segment (Romanian public and private
companies, multinational companies), or a
freezing of the projects until the stabilization
and recovery of industrial and individual
consumption.
In this context, the corporate banking activity
of BRD consisted in:
- attracting new clients and accompanying the
existent ones;
- supporting new and viable projects;
- getting actively involved in projects eligible
for co-financing from European funds;
- readjusting the debt service for the
companies whose activity was impacted by
the economic crisis and the recession;
- coordinating club deals for high value
transactions.
With a new production of loans of more than
EUR 400 million and with constant corporate
deposits compared to last year, BRD
consolidated in 2010 its position of leading
corporate bank, and the prestigious magazine
“Pia]a Financiar`” awarded BRD the prize
“Bank of the Year on the Corporate Market”.
■
Structured financing and syndicated loans:
- Retail sector: financing the development of
a shopping centre by means of a long-term
constructions and investment loan of EUR
10 million;
- Telecom sector: participating with USD 50
million in a syndicated loan of USD 100
million;
- Metallurgical sector: participating in a
syndicated loan organised by EBRD, of USD
80 million;
- Agricultural sector: participating with USD
20 million in a B-loan syndicated by EBRD;
- Constructions sector: EUR 60 million
syndicated loan, out of which BRD’s share
is of EUR 30 million; BRD participated as
MLA agent, security agent.
■
Hedging operations: increase of the number
of transactions against the foreign exchange
risk and the interest rate risk for medium
and long-term loans, both with multinational
and Romanian private companies.
■
Cash Management: signing of several cash
pooling and cash management contracts
with multinational and Romanian private
companies.
A few landmarks:
■
General corporate purpose financings:
The multi-options ceilings were
predominant, but there were also seasonal
funding of stocks or factoring lines
■
Financing of the local public authorities:
- long-term investment loans of approx.
23
Risk Management
General framework
BRD has a prudential risk approach, according
to its long-term strategy. The risk management
policies and activities are in line with the
Société Générale practices and are focused on
identifying and evaluating the risks in an early
stage. The Bank implements this approach
through a risk management function which is
independent from the commercial structures.
■
■
BRD: 9.13%
Banking system average
(*) Loans classified as “Loss 2” ( 90 days past due and/or
legal action )
(**) Source: NBR statistics
458 b.p.(*)
326 b.p.(*)
Organisation
The Board of Directors of the Bank sets the
strategic vision in the field of risk management,
which is then translated into policies by the
Management Board. Some of the
responsibilities of the Management Board are
delegated to two main committees: Risk
Management Committee and Assets and
Liabilities Committee.
The Central Risk Control Department is in
charge of monitoring and managing the credit
risk, the operational risk and some of the
market risks, while the liquidity and interest rate
risks in the banking book are monitored and
managed by the Financial Department.
Credit Risk
The credit risk is mainly the risk that a
counterparty does not meet its payment
obligations towards the Bank. The credit risk
management within the Bank is integrated in
the risk management process of Société
Générale.
Risk cost
Like in 2009, the net risk cost increased
significantly because of the unfavourable
economic environment and of the various
technical measures (revaluation of guarantees,
insolvency of many companies).
Despite this, the bad loans rate (*) remained
under the banking system average (December
2010):
24
Net risk cost/commitments
BRD consolidated
(*) excluding the impact of the legal framework = 285 b.p.
141 b.p.
97 b.p.
66 b.p.
34,3
26,9
10,5
23,4
2005
2006
2007
34,9
2008
2009
34,5
2010
Business Continuity
In order to reduce the operational risks to
which the bank is exposed, and to ensure the
continuity of its vital and critical activities, the
Bank implemented a plan that defines the
organisation and resources required in a crisis
situation.
For this purpose, at the level of the
organisational structures of the Bank, both in
the head office and in the network, cells were
set up, coordinated by the managers of the
respective structures.
Operational Risk and Permanent
Supervision
BRD has a strong system for steering the
operational risk and the permanent supervision,
both benefiting from a sound control, a
coherent normative framework and well trained
Human Resources
Key Figures:
■
9.227 employees of BRD and Société
Générale Group’s entities in Romania
■ 524 new employees
■ 86% of the personnel attended at least one
professional training course
Within the HR Department, the activities and
projects carried out in 2010 were in line with
the objectives of Société Générale Group and
targeted the development of the human capital,
the creation of a new leadership model and a
tighter communication with the employees.
Also, promotions increased slightly compared
to 2009 and represent 7.68% of the total
number of employees.
Regarding the training of the employees, we
continued out training programmes in 2010, in
line with the development plans set upon the
evaluation of the employees’ performance, but
also according to their specific career paths.
We also started integrated managerial training
programs, adapted to the various hierarchical
levels. The average number of training
days/employee: 4.2 days.
Career management is based on a behavioural
competences system which is unique at the
Société Générale level, also introduced in the
performance management system.
In 2010, the HR policy remained constant with
respect to the salary package. We continued to
reward both collective and individual
performance.
At the same time, we kept for all of our
employees elements that ensure social
protection either on the short-term (medical
services, meal tickets, various indemnities, etc)
or on the long-term (private pension fund,
accident insurance, retirement indemnities,
etc.).
The internal mobility of the personnel remained
significant (14.79%), reflecting the structures’
capacity to adapt to the requirements of the
macroeconomic context.
The HR processes accompanied in 2010 the
reorganisation processes within the company,
aimed at setting Regional Centres for Client
Services in Brasov and Cluj.
Thus, the human resources activity this year
focused on the employees' career
management, i.e. professional training,
identification of high-potential persons,
performance management system, but also the
optimisation of the HR activities.
25
Social and Environmental Responsibility
Corporate Social and Environmental
Responsibility at BRD is clear internally through a
responsible management of the employees, and
externally through its will to minimize the impact
of the bank’s activities on the environment and
through community involvement projects.
Community involvement
BRD’s priorities in this respect are: education,
the fight against dropping out of school and the
professional insertion of the persons excluded
from the labour market.
A few of the 2010 projects
The employees’ involvement programme
“Change a destiny. Give value to life.” Through
this programme, 800 disadvantaged children and
young people were helped to continue their
education, to keep a job or to pursue their talent.
14 NGOs were supported with a total amount of
EUR 130,000, 50% of which were donated by
the employees.
■
■
Youth Bank. The programme through which
more than 300 high school students learn to
manage funds and to build projects for their
communities.
■
The programme through which we addressed
the floods of the summer of 2010. More than
EUR 100,000 were donated by BRD to rebuild
the damaged houses, to provide emergency
supplies and to send 75 children from the
families affected by the floods to camps, in the
BRD training centres.
26
■
Supporting the ARCA team in the space
programme aimed at building the first
Romanian rocket able to land on the Moon.
Cultural Patronage
BRD got involved in 2010, as well, in supporting
modern and contemporary art, the Romanian
cultural patrimony and classical music. We’ve
got traditional partnerships with such institutions
as the Romanian Opera, the National Museum of
Contemporary Art, the Village Museum, etc.
A new project was “Save the Pianos of the
Conservatory”, by which BRD committed to
donate EUR 15,000 for the renovation of the
pianos of the Bucharest Conservatory, which are
strongly degraded (including Dinu Lipatti's piano).
Sports Partnerships
For 11 years, BRD has been the Official Partner
of the Romanian Cycling and Triathlon Federation
and the sponsor of the Romanian Cycling Tour.
The bank has continued its partnership with Hagi
Academy, through which it supports a
programme dedicated to young, talented
footballers.
BRD also started a partnership with the
Romanian Handball Federation, becoming one of
the supporters of Romanian handball.
Environmental responsibility
The Société Générale Group has decided to
become Carbon Neutral by 2012. The objective
is to reduce the CO2 emission by 11% /
employee between 2008 and 2012, which
includes the consumption of energy, travels for
professional purposes and office paper.
in 3 main directions:
1. Optimised consumption (electricity, paper,
water) and travels for professional purposes;
2. Energetic efficiency of the buildings;
3. Decreased negative impact of the IT activity.
BRD also favours the eco behaviours of its
collaborators and builds trustworthy relations
with its suppliers, based on the development of
eco-responsible practices, as well.
By applying the same policy, BRD started in
2010 to implement a measure plan which
would reduce the negative impact and which
focuses
ENVIRONMENTAL PERFORMANCES
Environmental indicators
Unit
2010
2009
2008
Scope of collection
%
100%
100%
100%
Total power consumption
Total consumption / employee
Total consumption / sqm
GWh
KWh
KWh
81
8,771
232
80
8,735
243
92
9,694
369
Water consumption
Consumption / employee
Thousands m3
m3
131
14
394
43
303
32
Consumption of office paper
Out of which FSC certified paper *
Consumption paper/employee
Tons
tons
%
kg
749**
749**
100%
81
567
567
100%
62
263
263
100%
28
Professional travels
Professional travels/employee
Thousands Km
Km
18,093
1,966
19,642
2,138
20,011
2,100
CO2 emissions
CO2 emissions / employee
Tons
Tons
32,429
3.52
33,588
3.65
32,154
3.38
*FSC-serificate paper coming from responsibly managed forests
**Readjusted perimeter
BRD undertakes to enforce its commitments and to make continuous progresses.
27
Specialised Services
Financing for individuals
BRD Finance has been, ever since its set-up,
one of the main players on the consumer loans
market, recording a fast development of both its
portfolio of products and clientele. Starting with
2009, the difficult macro-economic conditions
have gradually moderated the demand for
consumer loans and, implicitly, influenced the
activity of BRD Finance. Nevertheless, the
strategies adopted by the company at the
commercial, risk and operational levels enabled it
to optimise its results and to advance in
reaching its objectives.
The major commercial coordinates of 2010 were
the new partnerships concluded with the AltexMediaGalaxy network, and the expansion of the
collaboration with the Renault Group. In parallel
with these successful projects, we’ve continued
to develop our existing relations with
collaborators such as Carrefour, Real, Dedeman
or Praktiker.
The positive financial result of 2010 was also
due to the cut down of the risk-related costs
Car loans
77
Revolving loans
Consumer loans
91
Classic loans
82
and to the improvement of the debt collection
performances.
One of the permanent improvement sources in
the company – operational risks – saw its value
diminished by the operational efficiency
programmes, which will continue in 2011, as
well.
Private pensions:
BRD Fond de pensii
The year 2010 ended with good results for BRD
Pensii, which currently manages one compulsory
private pension fund and two optional private
pension funds.
The company’s efforts during the year
particularly concerned the qualitative
improvement of the services offered to the
clients and potential clients, the further
securisation of the investments and the
promotion.
At the end of 2010, BRD Fond de Pensii
Administrat Privat held a market share of 2.7%,
larger than in 2009, and in terms of performance
it had a return of 13.09%, thus successfully
maintaining the balance between performance
and safety.
161
170
100
57
170
319
214
55
24
As for the two optional pension funds managed
by BRD Pensii, even though the economic
circumstances were not exactly beneficial, they
count together 5,400 participants two years after
their set-up, and are active players on the
optional private pensions market.
51
314
433
491
441
2005
2006
2007
2008
83
28
2004
2009 2010
The BRD Pensii subsidiary currently manages
the savings of more than 145,000 clients and
assets worth approximately RON 100 million for
compulsory and optional private pensions.
Life insurance:
BRD Asigurari de Viata
The BRD subsidiary specialised in life insurance,
BRD Asigurari de Viata, dedicated the year
2010 to developing and expanding its portfolio
of products and also added to its offer new
products for companies and individuals:
■ the term group insurance for the corporate
clients of the Group;
■ an insurance product with a savings
component, EduPlan, for individuals.
Apart from the collaboration with BRD, in 2010
BRD Asigurari de Viata also developed a
strategic partnership with another subsidiary of
the BRD Group, BRD Finance, by providing its
clients with a large range of insurance products
associated to loans and cards.
In its second year of activity, BRD Asigurari de
Viata already has 220,000 clients and ranks 14
in the top of the 22 life insurance companies on
the market.
Factoring services
In 2010, the factoring activity recorded a
significant increase of its turnover, + 62%
compared to the previous year, proving that
factoring is a product accessed by the clients
despite the difficult economic context.
In the turnover structure there can be seen that
the domestic factoring operations weigh 66% of
all the operations, while the remaining 34% are
represented by international factoring
transactions.
Similar to the previous year, in 2010 focus was
placed on promoting the non-recourse factoring
operations, whose weight increased to 70% of
the total turnover, compared to 62% in 2009.
The Bank’s objective was to diversify the
factoring products by launching, in the second
half of 2010, the reverse factoring operations
which led to the increase of the number of
clients, as well as to maintain a high qualitative
standard of its factoring services and a leading
place in the top of the best domestic & export
factors within Factors Chain International.
Corporate Financing
International Operations
In 2010, the international operations activity
saw its volume increase by 8% compared to
2009. The volume increase is due to the
international transfers that kept their rising
trend, as well as to the documentary
operations.
By a complete offer of commercial services
(letters of credit, documentary collection,
international guarantees, conditioned payment
orders, stand-by letters of credit, cheques and
avals) and Western Union fund transfer services
(both inbound, and outbound), BRD makes
available to its clients the professionalism of its
team of specialists and relations with more than
1,100 correspondent banks in 100 countries.
The vast network of correspondents throughout
the world and the support of the Société
Générale Group are a real competitive
advantage, which brings extra quality and
promptness to the services dedicated to the
international market.
2,508
Evolution of turnover (M RON)
1,551
2009
2010
Structure of turnover by types of operations
Domestic factoring
International factoring
34 %
66 %
29
Leasing: BRD SOGELEASE
In an increasingly competitive environment,
BRD Sogelease, the leasing subsidiary of BRDGroupe Société Générale, ended the year 2010
with more than 1,400 leasing contracts, the
financed goods amounting to EUR 99 million.
ALD Automotive – operational
leasing and car fleet management
The structure of the BRD Sogelease portfolio
as at December 31, 2010 was the following:
commercial vehicles – 40%, cars – 14%,
constructions equipment – 14%, medical,
industrial and agricultural equipment – 20%,
IT and office equipment– 8%, real estate 4%.
Managed vehicles
(number)
222
240
Corporate clients
207
(number)
135
65
Balance of debt receivables
(millions of RON))
2005
1.037
566
343
2003
1.372
1.092
845
714
409
2004
2006
2007
2008
2009
2010
Operational in Romania since 2005, ALD
Automotive offers full service operational
leasing services, ensuring financing and a
complete range of car fleet management
services.
ALD Automotive is the leader of the Romanian
operational leasing market, managing a fleet of
6,079 vehicles for 240 clients (in December
2010).
2005
2006
2007
2008
2009
2010
In 2010, ALD Automotive launched ALD
Carmarket, an online platform for promoting
and selling used cars at the end of the
operational leasing contracts. 793 vehicles
were sold through the site
www.aldcarmarket.ro in 2010.
ALD Automotive has a team of 67 employees
and a network of more than 700 suppliers
throughout the country.
30
Investment Banking
Brokerage
In 2010, BRD consolidated its position of
leader in the trading of all the financial
instruments on the Bucharest Stock Exchange.
Also, BRD intermediated the most important
public tenders that took place in 2010 and
participated in the consortium that
intermediated the listing of “Fondul
Proprietatea”.
Market operations
BRD remained a major player on the financial
markets in 2010.
The Bank actively promoted the interest rate
and forex risk hedging products, recording a
significant change of the number of concluded
transactions, as well as of the related volumes,
despite the decrease of the volatility on the
foreign exchange and monetary market.
Hedging operations: the number of
transactions against the forex and interest rate
risks for medium and long term loans increased
in the case of both multinational corporations
and Romanian private companies.
31
Asset Management
BRD Asset Management ranks third on
the investment funds market, with a portfolio of
6 opened-end investment funds (UCITS), two of
which were launched in 2010: BRD Eurofond May 2010 and Index Europa Regional - July
2010.
The Simfonia 1 investment fund recorded a
significant increase, of almost 117.6% of its net
asset. Simfonia 1 thus remains one of the most
important funds on the Romanian market, with
a net asset of RON 280.38 million.
The fund BRD Obliga]iuni, launched in 2006,
increased its assets by almost 64% and had a
positive performance of 5.89%, due to
placements mainly made on the bond and fixed
rate instrument markets.
The fund Ac]iuni Europa Regional, launched in
March 2009, targets making up to 90% of its
placements in shares listed on the markets in
the region (Romania, Czech Republic, Poland,
Hungary) or in equity interests of UCITS and/or
non-UCITS that invest mainly in shares. At the
end of 2010, the performance of the fund was
9.94% and its net asset had increased by
113.1%.
The fund Diverso Europa Regional, launched in
the same period as Acţiuni Europa Regional,
aims at making up to 50% of its placements in
shares listed on the markets in the region or in
32
equity interests of UCITS or non-UCITS that
invest mainly in shares. At the end of 2010, the
fund had a performance of 9.70%, and the net
asset increase rate was of 106.7%.
Fund denominated in EUR, BRD Eurofond
applies a policy of prudent diversification of its
assets among the various asset categories and
invests its assets in markets considered as
having a low risk, such as the monetary and
fixed-income instruments markets. Compared
to the launch date - May 2010, the fund
recorded a performance of 4.87% and a net
asset of RON 109.12 mil. (EUR 25.47 mil.).
The Index Europa Regional fund holds a
diversified portfolio that targets investing at least
75% of its assets in shares of the companies
that are part of a mix of indicators, based on:
■ BET-XT 50%,
■ WIG-20 20%,
■ Budapest SE Index-10% [i
■ Prague SE Index 20%.
The fund’s performance since July 2010 until
the end of the year was 3.83%, and the net
asset amounted to RON 2.34 mil.
Deposit / custody of securities
On a highly competitive market, the 13-year
experience as depositary / custodian bank, as
well the expertise of the Société Générale
Group (the second depositary bank in Europe
and the sixth worldwide, with a
correspondents’ network that covers 84
countries) enabled BRD to diversify its activity
in agreement with the widening of its offer of
products and services.
The win-win philosophy in its relationship with
its clients, corroborated with the “one stop
shop services” principle helped the custodian
BRD to obtain the “Domestic Top Rated”
rating, a title conferred by “Global Custodian
Magazine” –the leader of the international
publications specialised in the financial
services field.
In 2010, BRD tried to meet as well as possible
the needs specific to the corporate and issuer
clients, by more flexible offers and services of
distribution of dividends / squeeze out
operations adapted to the difficult economic
context.
Consulting services
BRD Corporate Finance, the BRD subsidiary
specialised on consulting operations, has an
experience of over 13 years on the local
market, during which time it developed its
expertise in capital operations (acquisitions /
sales of companies, mergers, scissions,
privatisations), in operations related to capital
markets (acquisitions / sales of listed
companies, issues of shares or bonds), as well
as in corporate restructuring operations.
BRD got actively involved in the capital market
development projects, being the first
custodian bank authorised on the SIBEX spot
market, and it consolidated its leading position
as a depository on the Romanian market, in
terms of deposited assets.
33
Contacts
Head Office:
BRD Tower, 1-7 Ion Mihalache Bd., 1 st district, Bucharest, Postal code 011171, Romania
Tel.: (+40) 21-301.61.00; Fax.: (+40) 21-301.66.36
e-mail: [email protected]; web site: www.brd.ro
VOCALIS: 0800 803 803 (free number in the Romtelecom network)
(+40) 21-302.61.61 (normal toll number)
*banca (*22622) - normal toll number in the Orange and Vodafone networks
[email protected]
Monday to Sunday, from 8 A.M. to 10 P.M.
GENERAL SECRETARIAT
Tel.: +4021-301.61.21
Fax: +4021-301.61.22
Head of Communication:
Bianca DORDEA
E-mail: [email protected]
Secretary General:
Gheorghe MARINEL
E-mail: [email protected]
Deputy Head of Communication:
Mihaela BURADA
E-mail: [email protected]
Subsidiaries
BRD Finance
Bernard HISTE - General Manager
Tel: + 4021.200.81.00
Fax: + 4021.200.81.92
e-mail: [email protected]
BRD Asigur`ri de Via]`
Damien MARECHAL- General Manager
Tel: + 4021.408.29.29
Fax: + 4021.408.29.13
e-mail: [email protected]
BRD Sogelease
BRD Sogelease Asset Rental
Vorles MORLOT - General Manager
Tel.: + 4021-301.41.88
Fax: + 4021-301.41.04
e-mail: [email protected]
BRD Corporate Finance
Bogdan ILIESCU - General Manager
Tel: + 4021.301.41.40
Fax: + 4021.301.41.45
e-mail: [email protected]
ALD Automotive
Shane DOWLING - General Manager
Tel: + 4021.301.49.77
Fax: + 4021.301.49.99
e-mail: [email protected]
SOGECAP România
Damien MARECHAL- Country Manager
BRD Pensii
Rozaura ST~NESCU - General Manager
Tel: + 4021.408.29.00
Fax: + 4021.408.29.20
e-mail: [email protected]
34
BRD Asset Management
Dan NICU - General Manager
Tel: + 4021.327.22.28
Fax: + 4021.327.14.10
e-mail: [email protected]
SOGEPROM România
Geanina PALADE - Project Manager
Tel: + 4021.301.48.14
Fax: + 4021.301.48.11
e-mail: [email protected]
ECS Romania
Sorin VL~DESCU - General Manager
Tel: + 4021.301.42.38
Fax: + 4021.301.42.05
e-mail: [email protected]
BRD network
MAJOR CORPORATE BRANCH, Bucharest
Petronel CHIVA - Executive Director
Tel.: + 4021-301.40.00
Fax: + 4021-301.40.04
e-mail: [email protected]
GRUP CRAIOVA
Radu NEAGOE - Executive Director
Tel.: 0251-413.753
Fax: 0251-406.358
e-mail: [email protected]
ACADEMIEI BRANCH, Bucharest
Marius CALI}OIU - Executive Director
Liliana GROZA - Delegated Executive Director
Tel.: + 4021-305.69.00/01
Fax: + 4021-305.69.99
e-mail: [email protected]
e-mail: [email protected]
GRUP DROBETA TURNU SEVERIN
Bogdan NICULESCU - Executive Director
Tel.: 0252-316.074
Fax: 0252-313.570
e-mail: [email protected]
DOROBAN}I BRANCH, Bucharest
Dana B~JESCU - Executive Director
Tel.: + 4021-208.65.55
Fax: + 4021-208.65.47
e-mail: [email protected]
NORD-EST BRANCH, Bucharest
Marius MARINESCU - Executive Director
Tel: + 4021-200.59.00
Fax: + 4021-200.59.25
e-mail: [email protected]
UNIREA BRANCH, Bucharest
Adrian MAR}I{ - Executive Director
Tel.: + 4021-320.98.29
Fax: + 4021-320.98.41
e-mail: [email protected]
GRUP BAC~U
Lucian LAZ~R - Delegated Executive Director
Tel.: 0234-207.722
Fax: 0234-510.576
e-mail: [email protected]
GRUP GALA}I
Cristian DOBRE - Executive Director
Tel.: 0236-307.800
Fax: 0236-418.097
e-mail: [email protected]
GRUP IA{I
Dumitru VIRTU - Executive Director
Tel.: 0232-213.050
Fax: 0232-212.515
e-mail: [email protected]
GRUP PIATRA NEAM}
Constantin MARE{ - Executive Director
D`nu] FLORESCU - Delegated Executive Director
Tel.: 0233-214.494
Fax: 0233-213.950
e-mail: [email protected]
e-mail: [email protected]
GRUP PITE{TI
George Dorin CAVAL - Executive Director
Tel.: 0248-218.503
Fax: 0248-221.273
e-mail: [email protected]
GRUP BAIA MARE
Petric` VAN} - Executive Director
Tel.: 0262-212.115
Fax: 0262-215.237
e-mail: [email protected]
GRUP PLOIE{TI
Lauren]iu VASILIEF - Director Executiv
Tel.: 0244-595.610
Fax: 0244-595.605
e-mail: [email protected]
GRUP BRA{OV
Sorin G~ITAN - Executive Director
Tel.: 0268-301.106
Fax: 0268-301.230
e-mail: [email protected]
GRUP SIBIU
Patric POPOVICI - Executive Director
Tel.: 0269-202.600
Fax: 0269-217.690
e-mail: [email protected]
GRUP CLUJ
Mihai TEODORESCU - Executive Director
Petru PETRU} - Delegated Executive Director
Tel.: 0264-405.110
Fax: 0264-598.222
e-mail: [email protected]
e-mail: [email protected]
GRUP TIMI{OARA
Petru NEGRU - Executive Director
Tel.: 0256-302.089
Fax: 0256-302.092
e-mail: [email protected]
GRUP CONSTAN}A
Gigi CARATA{ - Executive Director
Tel.: 0241-508.604
Fax: 0241-613.233
e-mail: [email protected]
GRUP TÂRGU MURE{
Kalman BARTHA - Executive Director
Tel.: 0265-207.410
Fax: 0265-261.058
e-mail: [email protected]
GRUP VALAHIA
Claudiu C~LIN - Executive Director
Tel: + 4021-319.00.41
Fax: + 4021-317.00.06
e-mail: [email protected]
35
Romania, Bucharest, no. 1-7 Ion Mihalache Bvd, sector 1
Tel: 40 21 301 61 00
Fax: 40 21 301 66 36
E-mail: [email protected], http://www.brd.ro
Telex: 11877 BRD SAR, 10381 BRD SAR
Cod SWIFT: BRDE RO BU
Design and conception: SEGL/COM
BRD-Groupe Société Générale has all rights
Foto: Sorin Lup[a, Lavinia Nu]eanu